Solar Solutions Company Oriana Power Raises Undisclosed Amount in Pre-IPO Round

The IPO will offer 5.05 million equity shares with a face value of ₹10 (~$0.12) per share


Noida-based solar energy solutions company Oriana Power has concluded its pre-initial public offering (IPO) round, with the participation of several stock market veterans.

The company develops, constructs, and operates solar projects for its commercial and industrial (C&I) customers.

Leading the pre-IPO round was Anil Kumar Goel, known for investing in the sugar and textile sectors. JSW Energy’s Prashant Jain’s personal fund, Tikri Investments, also acquired a minority stake in the round. Neeraj Gupta, the founder of Meru, made a personal investment as well.

Joining them were Manoj Agarwal, an investor from Jaipur, and Amit Kumar, the founder of MSMEx, a live online coaching and handholding platform for MSME business owners.

Oriana Power recently filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, signaling its intent to launch an IPO.

The IPO is set to offer 5.05 million equity shares with a face value of ₹10 (~$0.12) per share through the book-building route. The company has appointed Corporate Capital Ventures as the lead manager for the issue, with Skyline Financial Service taking up the role of registrar to the issue.

The funds raised from the IPO will be allocated as follows: ₹230 million (~$2.7 million) for working capital requirements, ₹200 million (~$2.4 million) for investment in subsidiary companies, ₹200 million (~$242,586) for capital expenditure for expansion purposes, and the remaining amount for general corporate expenses, according to the DRHP.

Oriana operates both on the Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO) models. It offers energy solutions through the installation of on-site solar projects, including rooftops, ground-mounted systems, and off-site solar farms.

As of March 31, 2023, Oriana Power recorded revenues of ₹1.34 billion (~$16.2 million), a significant increase from ₹1.01 billion (~$12.2 million) during the same period in 2022.

The company’s profit after tax nearly doubled to ₹126.9 million (~$1.5 million) in the fiscal year ending March 31, 2023, compared to ₹69.6 million (~$844,499) in the previous year, as stated in the DRHP.

Oriana Power recently unveiled its corporate brand, TrueRE, reflecting its intention to diversify into other renewable energy avenues beyond solar.

The company has commissioned a 2.7 MW single rooftop solar power plant at the Indian Oil Corporation refinery in Panipat, Haryana, for Indian Synthetic Rubber.

Additionally, Oriana Power accomplished the installation of a unique 800 kW floating solar power plant at Dabok Mines in Udaipur, Rajasthan, for Udaipur Cement Works Limited in April 2023.

Oriana Power was recently incorporated into Solar Energy Corporation of India’s list of empaneled engineering, procurement, and construction (EPC) contractors for 5.98 MW out of 50 MW grid-connected rooftop solar systems.

According to Mercom’s Q1 2023 Solar Funding and M&A Report, total corporate funding for solar companies, including from venture capital, public market, and debt financing, amounted to $8.4 billion in 42 deals in the first quarter of 2023, up 11% year-over-year compared to $7.5 billion raised in 49 deals.